Mega-rich have already recovered from pandemic losses “” but it could take the poor a decade, Oxfam warns

  • Date: 25-Jan-2021
  • Source: CNBC
  • Sector:Economy
  • Country:Middle East
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Mega-rich have already recovered from pandemic losses “” but it could take the poor a decade, Oxfam warns

A doctor collects a swab sample from a Covid-19 patient at his home on the eastern outskirts of Lima, on January 22, 2021.ERNESTO BENAVIDES | AFP | Getty ImagesLONDON — The 1,000 richest people on the planet recouped their losses caused by the coronavirus pandemic within nine months, according to estimates from Oxfam, but the global charity believe it could take more than a decade for the world's poorest to recover.In a report entitled "The Inequality Virus," Oxfam noted that "the world's 10 richest men have seen their combined wealth increase by half a trillion dollars since the pandemic began — more than enough to pay for a Covid-19 vaccine for everyone and to ensure no one is pushed into poverty by the pandemic."But at the same time, the pandemic has "ushered in the worst job crisis in over 90 years with hundreds of millions of people now underemployed or out of work," the report stated.Women and ethnic minorities were being hardest hit by the pandemic, Oxfam noted."Women and marginalized racial and ethnic groups are bearing the brunt of this crisis. They are more likely to be pushed into poverty, more likely to go hungry, and more likely to be